E-Gold Indicted
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E-Gold, the "alternative payment" site where your funds are supposedly backed by real gold, like in the old days, has been indicted by a Federal grand jury. It's ironic in a way: E-Gold has been a prominant crime target, as a mid-level phishing victim, but according to the US DOJ (and F-Secure) E-Gold is commonly used by criminals for criminal transactions, and the indictment says that E-Gold knew it was being used for these purposes. |
Comments (2)
The government indictment of e-gold is a crock.
E-gold has been actively working with law enforcement for years to shut down criminal activity.
Gigatons more fraud goes through PayPal and regular bank accounts than e-gold. E-gold doesn't have enough transaction volume to hide money laundering activity, so real money launderers don't use it. They use CitiBank and JP Morgan.
E-gold isn't a money-remitting business because neither e-gold nor Omnipay ever touch cash. E-gold has no bank accounts, and Omnipay, only takes bank wires. All the money in the system is 100% traceable all the way through.
This is about shutting down an alternative to the Federal Reserve System...
Read e-gold's side of the story...
Posted by KenG | May 11, 2007 11:45 PM
What is e-gold, how does it work, what is it used for and how does it benefit one?
In what way does e-gold become a means of fraud?
Posted by Chibuzor | July 30, 2007 8:26 AM